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New study highlights trends in Canadian term life insurance + MORE Feb 25th
Choosing a term life insurance policy is a balancing act: how much coverage do you need, who should benefit, and how long should the policy last?
If you’ve ever wondered how your choices compare to other Canadians, PolicyMe’s newly released 2026 study, Canadian Term Life Insurance: A Market S.... More »
The best RRSP investments 2022 + MORE Jun 26th
A registered retirement savings plan (RRSP) is an investment that is registered with the Canadian federal government. RRSPs are often described as being “tax-advantaged.” That means you don’t pay income tax on the amount you are contributing to an RRSP, in the year you earn that contribution. .... More »
Late filers: Get your back taxes sorted before year-end + MORE Dec 10th
The last day on which tax practitioners can electronically file clients’ returns for tax years 2017 to 2024, as well as amended T1 returns for 2021 to 2024 using ReFILE services, before an annual month-long pause, is January 30, 2026. But there are important reasons for late T1 filers to add tax p.... More »
What new bare trust tax filing rules mean for Canadians Mar 12th
Ask MoneySense
I would like some clarification on the T3 tax return for the year 2023. Whom does this rule apply to and can you clarify whether all the persons on the account have to complete T3 tax returns?
—Chander
Some people set up trusts that come into effect during their lives or upon.... More »
The best five-year variable mortgage rates in Canada + MORE Dec 12th
Mortgages
Canada’s best credit cards for groceries
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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2020 Income Tax: What you can’t—and can—claim for your work-from-home office during the COVID-19 pandemic
– moneysense.ca
You furnished a functional home office, you’ve got face masks ready by the door for when you need to run an errand, and you bought sanitizer (so many bottles of sanitizer). You’ve done your part to stay home and help flatten the coronavirus curve. The question now is: Can you write off working from home during the pandemic and any of these things you bought because of COVID on your taxes?
We hate to tell you this, but right now, the answer is no. Before we dive into what can’t be written off, let’s address the self-employed people (including myself) reading this piece.
If you’re self-employed
“Nothing has changed, nothing has been announced,” says Jennifer Gorman, the social care manager at Intuit, who answers tax-related questions on the company’s social media channels. (She’s also a tax expert with 30 years’ experience.) “That’s not to say that things won’t change when Parliament reconvenes [the end of September 2020], but currently there have been no official changes…
We hate to tell you this, but right now, the answer is no. Before we dive into what can’t be written off, let’s address the self-employed people (including myself) reading this piece.
If you’re self-employed
“Nothing has changed, nothing has been announced,” says Jennifer Gorman, the social care manager at Intuit, who answers tax-related questions on the company’s social media channels. (She’s also a tax expert with 30 years’ experience.) “That’s not to say that things won’t change when Parliament reconvenes [the end of September 2020], but currently there have been no official changes…
